While tax preparation may seem like a mundane procedure, the prospect of an IRS audit can significantly elevate stress levels during tax season. For Long Island residents confronted with such, accountants are readily available to navigate the complexities of tax controversies.
To mitigate the risk of an IRS audit, it is advised to implement strategic measures proactively. While no strategy guarantees complete immunity from audits, accountants provide essential guidance to help businesses minimize this risk through diligent practices.
Tax professionals stress the importance of being thorough and respecting IRS deadlines. Tax Principal Kerry Santopietro says, “Businesses should file all returns and make payments appropriately and timely, they can avoid audits by properly following the tax regulations and established guidelines.”
Accountants agree that no one should deal with an audit on their own. Santopietro advises that any business receiving an audit should allow their accountant to represent them, “They should ensure that the accountant has access to their books and records so that they can respond to the auditor timely and efficiently.”
Professionalism and courteousness are key when approaching an audit, says Santopietro. “Auditors are people too, and they are just doing their job,” she explains. “The number one rule is to always be upfront and honest. If you are aware that something was done incorrectly, then you should establish that right away to the auditor; this will certainly help in the end.”
The recent modifications in IRS regulations have introduced a heightened level of complexity to tax reporting. Tax experts caution that compliance with the newly established regulations may extend the duration of the filing process. “The laws become more and more complicated each year,” says Santopietro. “The deadlines have not changed, but the required information to be included on returns has increased, which makes preparing much more difficult in the same small period of time.”
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